Titan, Lockheed, delay merger vote

Titan Corp. shareholders will vote on the company's proposed merger with Lockheed Martin Corp. April 12, not March 16 as originally planned. Titan officials agreed to move the date to allow more time for federal and internal investigations to conclude.

The Justice Department is probing allegations that consultants for Titan made improper payments or provided items of value in possible violation of the Foreign Corrupt Practices Act. The Securities and Exchange Commission is also investigating. The companies themselves are also reviewing records to learn if payments Titan made to its consultants were properly recorded.

Officials from the companies have also agreed to amend the merger agreement to extend the date by which either party may terminate the agreement if the merger has not been completed from March 31 to April 20.

Featured

  • Acquisition
    network monitoring (nmedia/Shutterstock.com)

    How companies should prep for CMMC

    Defense contractors should be getting ready for the Defense Department's impending cybersecurity standard expected to be released this month.

  • Workforce
    Volcanic Tablelands Calif BLM Bishop Field Office employee. April 28, 2010

    BLM begins move out of Washington

    The decision to relocate staff could disrupt key relationships with Congress and OMB and set the stage for a dismantling of the agency, say former employees.

Stay Connected

FCW INSIDER

Sign up for our newsletter.

I agree to this site's Privacy Policy.